No conspiracy at all and certainly no suggestion of any lie or...

No conspiracy at all and certainly no suggestion of any lie or false declaration. I guess the company might have felt obliged to use the words "part payment" but I think it would still be correct as currently stated for either scenario. And yes, the potential for some cash consideration is all just speculation.

But my other points aren't. That's a good chunk of options entitling the holder to more potential upside than available to most on here. For specialised services such as helping secure a partnership or FDA approval the total remuneration (Options and cash, if any) may be an absolute bargain for the value delivered in which case it's likely to be a one-off or relatively isolated situation.

But like the special treatment for selected investors earlier in the year, I personally wouldn't want it to become a pattern.